Connect with us

News and Report

Property Company Slaps Union Bank with ₦4.1 Billion Suit Over Illegal Charges

Published

on

A real estate development company Coronation Real Estate Development Limited has renewed its battle to secure a ₦4.1 billion compensation from Union Bank Plc over excess bank charges.
The aggrieved company has filed a second amended statement of claim before a federal high court in Lagos alleging that Union Bank’s arbitrary interest, excessive charges, penal charges and illegal fees have resulted in the company suffering economic losses running into billions of Naira.
Court papers obtained by Lagos Times on Tuesday show that the company had in April 2008 secured a ₦1.315 billion loan from the bank out of which only ₦1.217 billion was disbursed by the bank in eleven installments. The loan facility was granted to finance the construction of a shopping/office complex at Asokoro, Abuja.
The company alleged that the bank not only neglected to release the full loan amount but also delayed the release of the instalmental disbursements thereby leading to delays in construction and skyrocketing costs.
However, in October 2012 the company secured a restructured loan of ₦1.277 billion to enable it to complete the construction of the shopping and office complex which is located at Plot 3774 Cadastral zone, off Jimmy Carter road, Asokoro, Abuja.
Both the initial loan and the restructured loan were to be repaid through the sale of forms and deposits for rentals/leases of the shops/offices which are being maintained in a dedicated account with Union Bank. Coronation Real Estate Development Limited maintains that it has fully repaid the loan and is no longer indebted to the bank.
It alleges that in spite of this Union Bank has continued to impose arbitrary charges, excessive charges, penal charges and fees on the company’s facility account.
The company claims that investigations on its account and expert assessment and valuation of the property in Asokoro showed that the total loss incurred by the company due to incomplete disbursement, delays in disbursement and excess loan charges by Union Bank stands at ₦4.1 billion.
It is, therefore, seeking a judgement of the court declaring that the application by the defendant of arbitrary interests, excessive charges, penal charges and fees on the company’s facilities account with the bank is illegal, unlawful null and void, and an order of court compelling the bank to compensate it to the tune of ₦4.1 billion.

The Lagos Times

News and Report

IBEDC records 1,459 energy theft cases in January, February

Published

on

By

The Ibadan Electricity Distribution Company said it has recorded 1,459 cases of energy theft by its subscribers between January and February 2024.

This was disclosed in a press statement signed by the firm’s Chief Key Accounts Officer, Mr. Johnson Tinuoye, on Tuesday.

IBEDC added that it is actively pursuing investigations and legal actions against individuals and businesses involved in the theft in collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences.

Identifying the cases, IBEDC said they included various offences such as meter bypass and illegal meter tampering, which resulted in significant financial losses amounting to hundreds of millions of naira for the company.

The statement read, “We want to send a clear message to our customers that energy theft will not be tolerated. Our collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences underscores our commitment to ensuring a fair and just electricity distribution system.

“Energy theft not only undermines the integrity of our operations but also deprives IBEDC of the revenue necessary to provide quality services to our customers.”

Tinuoye emphasised that under the Electricity Act, energy theft is now recognised as a criminal offense, carrying severe penalties including imprisonment stressing, “In the Osun region, two individuals were apprehended for stealing energy through meter bypass and illegal connections. Their cases have been formally charged in court for prosecution.”

IBEDC further urged customers to refrain from engaging in any form of energy theft, emphasising that the consequences can be severe, as there is no room for negotiation with the SIPTEO Task Force team, which is actively patrolling and investigating instances of energy theft for prosecution.

Continue Reading

News and Report

Copyright Breach: NCC Drags MTN, Others To Court Over Musician’s Works

Published

on

By

The Nigerian Copyright Commission (NCC) has filed criminal charges against MTN Nigeria Communications Ltd. and four others over alleged copyright infringement.

The charge with number FHC/ABJ/CR/111/2024 filed in the Abuja Division of the Federal High Court was obtained by journalists on Monday.

News Agency of Nigeria (NAN) reported that the four other defendants in the case include the chief executive officer of MTN Nigeria, Karl Toriola; Nkeakam Abhulimen, Fun Mobile Ltd.; and Yahaya Maibe.

In the three-count charge, NCC alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business’’, infringed the musical works of an artiste, Maleke Idowu Moye, without his consent and authorisation.

The commission alleged that the defendants used musical works and sound recordings of Mr Maleke with subsisting copyright as caller ringback tunes without the authorisation of the artiste.

The musician’s musical works and sound recordings allegedly infringed upon included 911, Minimini-wanawana, Stop Racism, Ewole, 911 instrumental, Radio, Low Waist, and No Bother.

The defendants were also alleged to have distributed the musical works to their subscribers without authorisation, thereby infringing on the rights of the artiste.

In the third count, the defendants were alleged to have in their possession, other than for their private or domestic use, the artiste’s musical works and sound recordings.

According to NCC, the alleged offences are contrary to and punishable under section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

The case has yet to be assigned to any judge, and no date has been fixed for the mention.

Meanwhile, no official statement has been released by any of the defendants as at the time of filing this report, while all efforts to get reactions from MTN by New Telegraph proved abortive.

Continue Reading

News and Report

LASG, LCC ANNOUNCE REOPENING OF LEKKI CONSERVATION CENTRE AFTER REPAIRS

Published

on

By

Following the completion of extensive routine maintenance works on the Lekki Conservation Centre (LCC), the Lagos State Government and the Management of the Centre have announced that the Walkway will be reopened for public use with effect from Friday, 29th March 2024.

The Special Adviser to the Governor on Tourism, Arts and Culture, Mr. Idris Aregbe confirmed this on Friday during a visit to the Centre in Lekki alongside some officials of the Ministry.

Aregbe said that he was happy to see that all repairs and renovations on the facility, including the Walkway, have been completed and would be accessible for tourism during the Easter celebration.

The Special Adviser appreciated Lagosians and tourists across the world for their patience during the thorough maintenance works carried out at the Centre in Lekki.

The Director-General of the Centre, Prof Mathew Onoja also appreciated the State Government for its intervention following the viral video, which first circulated in December as well as the swift response and efforts towards making the repairs and renovations seamless.

He noted that the Centre being a major tourism asset in Lagos State has played host to tourists from all over the world as it offers a serene environment for nature tourism and also boasts of the longest canopy walkway in Africa.

Recall that the facility has been undergoing routine maintenance since January following apprehensions arising from the damaged section of the Canopy Walkway, which had been repaired before the viral video was posted on social media platforms.

Continue Reading

Trending